Bitcoin’s Bull Case Remains Valid as Buyers Fight to Maintain $9,000

Bitcoin’s Bull Case Remains Valid as Buyers Fight to Maintain $9,000

Bitcoin has been flashing some overt signs of weakness throughout the past several days and weeks

This has been rooted largely in its inability to break into the $10,000 region after facing multiple strong rejections here throughout the past several days

Analysts are now noting that the cryptocurrency remains in a position to see further upside, however, as long as it is able to hold above a key ascending trendline

It also could soon rally to the mid-$9,000 region or higher if it is able to close its daily candle above a key technical level

Bitcoin and the aggregated crypto market have flashed some signs of weakness as Bitcoin hovers above its key support level at $9,000.

Its recent decline from highs of $9,800 has come about as the result of multiple strong rejections within the upper-$9,000 region, with the latest decline being triggered by news of a 2009-era wallet transferring 50 BTC.

It doesn’t appear that the technical damage done by this latest decline has been enough to invalidate all of its strength, as analysts are now noting that it could be positioned to push higher in the near-term.

Bitcoin Remains Above Key Ascending Trendline

At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,140.

This marks a notable upswing from daily lows of $8,800 that were set during a decline seen overnight.